Naveed Qamar welcomes relaunch of Pak-US trade group
WASHINGTON (Reuters) – Commerce Minister Syed Naveed Qamar said the Pakistan-U.S. ministerial meeting on the Trade Investment Framework Agreement (TIFA) was crucial to boosting bilateral trade, which is at the center of relations between the two countries. He also welcomed the high-level meeting of the group which is relaunched after almost eight years.
The Minister met with the United States Special Representative for Commerce and Trade Dilawar Syed at the Pakistani Embassy in Washington to discuss ways and means to enhance bilateral trade between Pakistan and the United States.
Dilawar Sayed was accompanied by Elizabeth Horst, Principal Deputy Undersecretary and Deputy Undersecretary for Pakistan, Brian J. McGrath and Jeff Rubenstein. Ambassador Masood Khan, Commerce Secretary Muhammad Sualeh Ahmad Faruqui, BOI Secretary Asad Gilani and Minister (Commerce) Azmat Mahmood assisted the Minister of Commerce.
The Minister of Commerce is visiting Washington DC to attend the TIFA Ministerial meeting to be held tomorrow. The last TIFA Ministerial Meeting was held in 2016 in Islamabad.
Issues related to bilateral trade between Pakistan and the United States, foreign direct investment in Pakistan, business operations of American companies working in the country and exports from Pakistan to the United States were discussed during the meeting. Operational and regulatory issues were also discussed.
“The momentum generated by the resumption of these high-level talks would lead to a breakthrough in realizing the trade potential between the two countries,” the trade minister said.
Noting a bilateral trade volume of around $12 billion, Naveed Qamar said current trade figures do not reflect the true potential between the two countries, given the size of the US economy and a huge market. in Pakistan with a large and dynamic environment. bulge of class and youth. Pakistan, he said, is looking forward to more interaction, especially in IT, technology, agriculture and other sectors.
US Special Representative for Trade and Commerce Dilawar Syed said there are significant opportunities available “in a massive and healthy market” to boost bilateral trade.
Principal Deputy Undersecretary and Deputy Undersecretary for Pakistan Elizabeth Horst said in her remarks that the United States wants Pak-US relations to develop further.
In discussing operational issues related to trade, it was decided to appoint a focal person, on both sides, to prioritize, coordinate and ensure the removal of impediments to the smooth running of businesses.
The Minister also raised the issue of export of Pakistani mangoes to the United States with the US Special Representative and called for the speedy finalization of the mechanism to facilitate greater export of mangoes to the United States.
Both sides expressed the hope that the TIFA meeting would serve as a catalyst to strengthen trade relations and further strengthen the Pakistan-US relationship marked by strong economic forces and currency.